# Wickes Group (WIX.LSE) Canonical: https://gigainvestors.com/s/WIX.LSE Analysis as of: 2026-10-16T07:46:09.984Z. Financial observations: FY2018–FY2025. Listing currency: GBX. Reporting currency: GBP. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no. Share price: GBX 208.00 per share; close as of 2026-10-15. ## Checklist ### understandable: pass - 2 revenue declines in the last 10 years (informational) - Financial history: 8 years - Years with declining revenue: 2 - Years with a net loss: 0 - Operating margin variation: 0.19× Chart: Operating margin; fiscal year observations. - FY2018: 0.05× - FY2019: 0.04× - FY2020: 0.05× - FY2021: 0.06× - FY2022: 0.04× - FY2023: 0.04× - FY2024: 0.03× - FY2025: 0.04× ### moat: fail - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: 6.2% - ROIC, second-lowest year: 3.4% - Typical minus recent gross margin: 0.1 pp - Typical gross margin (annual median): 37.0% - Recent gross margin (lower of latest and 3-year median): 36.8% - Years with nonpositive capital: 0 - Capital spending / revenue: 1.8% - ROIC including acquisitions, ten-year median: -4.9% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2018: 3.4% - FY2019: 3.3% - FY2020: 6.1% - FY2021: 11.3% - FY2022: 7.3% - FY2023: 6.2% - FY2024: 5.0% - FY2025: 7.3% ### economics: fail - owner earnings cash conversion below threshold - Owner earnings / net income, 5-yr: -0.90× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: GBP -160M - Net income, five-year total: GBP 177M - Return on incremental invested capital: >100% - Working capital / revenue, annual change: -6.3 pp Chart: Annual owner cash / profit; fiscal year observations. - FY2021: -0.23× - FY2022: -1.37× - FY2023: -1.19× - FY2024: -2.35× - FY2025: -0.61× ### management: pass - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: 3.4% vs 6.2% - Per-share earnings: 0.06 to 0.12 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 5-year annual growth: -1.6% - Diluted shares, 5-year annual growth: -1.6% - Per-share value growth: 14.6% - Per-share value change: GBP 0.06 - Per-share value, starting three-year median: GBP 0.06 - Per-share value, ending three-year median: GBP 0.12 - Buybacks concentrated in cheaper years (correlation): -0.50 - Average buyback yield: 4.3% - Buyback history: 3 years - Debt-funded buybacks: No - ROIC, first three-year median: 3.4% - ROIC, last three-year median: 6.2% Chart: Earnings per share; fiscal year observations. - FY2018: GBP 0.06 - FY2019: GBP 0.05 - FY2020: GBP 0.10 - FY2021: GBP 0.23 - FY2022: GBP 0.12 - FY2023: GBP 0.12 - FY2024: GBP 0.08 - FY2025: GBP 0.17 ### accounting: pass - Sloan accruals: -14.7% - Receivables to sales index (DSRI): 0.85× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 2.2% - Earnings backed by cash: Yes - Operating cash / earnings: 5.20× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.14× Chart: Sloan accruals; fiscal year observations. - FY2018: -8.8% - FY2019: -6.9% - FY2020: -4.4% - FY2021: -3.7% - FY2022: -8.5% - FY2023: -13.9% - FY2024: -13.3% - FY2025: -14.7% ## Holders ## Price story Up 63% since Oct 2023 · sales +6.3% Story as of 2026-10-16T10:00:13.538Z; price observation 2026-10-15. ### Sales · FY2024–2025 sales +6.3%; source https://filings.xbrl.org/213800IEX9ZXJRAOL133/2025-12-27/ESEF/GB/0/213800IEX9ZXJRAOL133-2025-12-27/reports/213800IEX9ZXJRAOL133-2025-12-27-T01.xhtml; observed 2026-03-18. - FY2018: GBP 1.2B - FY2019: GBP 1.3B - FY2020: GBP 1.3B - FY2021: GBP 1.5B - FY2022: GBP 1.6B - FY2023: GBP 1.6B - FY2024: GBP 1.5B - FY2025: GBP 1.6B ### Gross margin · FY2025 gross margin 36.9%; source https://filings.xbrl.org/213800IEX9ZXJRAOL133/2025-12-27/ESEF/GB/0/213800IEX9ZXJRAOL133-2025-12-27/reports/213800IEX9ZXJRAOL133-2025-12-27-T01.xhtml; observed 2026-03-18. - FY2018: 39.2% - FY2019: 38.8% - FY2020: 37.8% - FY2021: 37.0% - FY2022: 36.5% - FY2023: 36.4% - FY2024: 36.8% - FY2025: 36.9% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in home improvement retail; annual sales are GBP 1.6 billion. - Source: https://eodhd.com/api/fundamentals/WIX.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: revenue 1636200000; grossProfit 603800000; margin = grossProfit / revenue. ### Why customers stay Margins ranged from 36.4% to 36.9% during 2023–25; it earns 6.2% on its capital. - Source: https://eodhd.com/api/fundamentals/WIX.LSE.json#2023-12-31 (filed 2026-03-18); FY2023: grossProfit / revenue = 36.4%. - Source: https://eodhd.com/api/fundamentals/WIX.LSE.json#2024-12-31 (filed 2026-03-18); FY2024: grossProfit / revenue = 36.8%. - Source: https://eodhd.com/api/fundamentals/WIX.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: grossProfit / revenue = 36.9%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 8-year return on capital observations [[2018,0.03364205324471049],[2019,0.03321513002364066],[2020,0.06134612744683787],[2021,0.11274968798297201],[2022,0.07282636179443158],[2023,0.06220175400172294],[2024,0.04990527218763906],[2025,0.07345624301545273]]; median 0.061773940724280406. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices Kept about a 37% gross margin through 2022 cost inflation. - Source: https://filings.xbrl.org/213800IEX9ZXJRAOL133/2025-12-27/ESEF/GB/0/213800IEX9ZXJRAOL133-2025-12-27/reports/213800IEX9ZXJRAOL133-2025-12-27-T01.xhtml (filed 2026-03-18); Gross margin observations: [[2021,0.370382435337807],[2022,0.36514336917562723],[2023,0.3636246621186768]]; range within 2 percentage points. ### Where the cash goes Paid dividends in 6 of 8 years; bought back GBP 32.6 million of shares. - Source: https://eodhd.com/api/fundamentals/WIX.LSE.json#2018-12-31 (filed 2026-03-18); FY2018: growth capex 0; upkeep 43800000; owner earnings 79300000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2018,50700000],[2019,0],[2020,0],[2021,5300000],[2022,31200000],[2023,27400000],[2024,26100000],[2025,24800000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://eodhd.com/api/fundamentals/WIX.LSE.json#2025-12-31 (filed 2026-03-18); FY2025: cash repurchases 32600000 GBP. ### Are managers owners Insiders own 5.8% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIX.LSE SharesStats.PercentInsiders = 5.821 percentage points; cache date 2026-10-16. ### What the price says The price is 0.3 times annual sales; cash earnings are negative. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Closing price 208 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 7.028229755502482; price multiple 0.2959493460457157. FY2025 cash earnings/share -0.10120101029191939. Closing-price date 2026-10-15. ## Monthly share-price history (GBX per share) - 2021-04: GBX 249.95 per share - 2021-05: GBX 256.00 per share - 2021-06: GBX 246.00 per share - 2021-07: GBX 250.40 per share - 2021-08: GBX 242.00 per share - 2021-09: GBX 227.60 per share - 2021-10: GBX 214.40 per share - 2021-11: GBX 213.60 per share - 2021-12: GBX 237.00 per share - 2022-01: GBX 205.20 per share - 2022-02: GBX 180.60 per share - 2022-03: GBX 184.50 per share - 2022-04: GBX 192.50 per share - 2022-05: GBX 201.60 per share - 2022-06: GBX 165.00 per share - 2022-07: GBX 136.30 per share - 2022-08: GBX 119.40 per share - 2022-09: GBX 120.70 per share - 2022-10: GBX 126.80 per share - 2022-11: GBX 138.70 per share - 2022-12: GBX 146.30 per share - 2023-01: GBX 152.10 per share - 2023-02: GBX 149.40 per share - 2023-03: GBX 138.20 per share - 2023-04: GBX 134.80 per share - 2023-05: GBX 122.00 per share - 2023-06: GBX 122.50 per share - 2023-07: GBX 136.60 per share - 2023-08: GBX 140.40 per share - 2023-09: GBX 137.30 per share - 2023-10: GBX 128.00 per share - 2023-11: GBX 128.80 per share - 2023-12: GBX 142.10 per share - 2024-01: GBX 157.60 per share - 2024-02: GBX 158.90 per share - 2024-03: GBX 155.10 per share - 2024-04: GBX 145.60 per share - 2024-05: GBX 139.40 per share - 2024-06: GBX 133.20 per share - 2024-07: GBX 151.00 per share - 2024-08: GBX 169.00 per share - 2024-09: GBX 175.20 per share - 2024-10: GBX 160.00 per share - 2024-11: GBX 147.40 per share - 2024-12: GBX 151.20 per share - 2025-01: GBX 184.20 per share - 2025-02: GBX 158.80 per share - 2025-03: GBX 177.80 per share - 2025-04: GBX 190.00 per share - 2025-05: GBX 220.50 per share - 2025-06: GBX 224.50 per share - 2025-07: GBX 221.50 per share - 2025-08: GBX 199.60 per share - 2025-09: GBX 224.00 per share - 2025-10: GBX 221.50 per share - 2025-11: GBX 235.00 per share - 2025-12: GBX 235.00 per share - 2026-01: GBX 228.00 per share - 2026-02: GBX 251.50 per share - 2026-03: GBX 209.00 per share - 2026-04: GBX 199.60 per share - 2026-05: GBX 177.40 per share - 2026-06: GBX 187.80 per share - 2026-07: GBX 197.00 per share - 2026-08: GBX 193.40 per share - 2026-09: GBX 207.50 per share - 2026-10: GBX 208.00 per share ## Annual estimated value (GBX per share) Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original ESEF filing](https://filings.xbrl.org/213800IEX9ZXJRAOL133/2025-12-27/ESEF/GB/0/213800IEX9ZXJRAOL133-2025-12-27/reports/213800IEX9ZXJRAOL133-2025-12-27-T01.xhtml); period 2025-12-27, filed 2026-03-18. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights. ## Reported holder observations